Yahoo Inc Chairman Roy Bostock and three other directors will step down as the struggling company ploughs ahead with an internal overhaul, including discussions on dealing with its stakes in China's Alibaba Group and Yahoo Japan. The corporation - once a Web powerhouse but now agonizing over a range of options to revive flagging growth - on Tuesday said it appointed former Rovi Corp CEO and International Business Machines Corp veteran Alfred Amoroso and ex-eBay COO Maynard Webb as independent directors. Yahoo's board has come under fire from investors impatient with the company's persistent inability to effect a turnaround, and frustrated with the apparent indecisiveness of stakeholders over ...
Chancellor of the Exchequer George Osborne has vowed to fight an "anti-business culture" in Britain, warning that a row overexecutive pay and bonuses threatens the country's fragile economic recovery. "Let me say something about the row over bonuses and pay," Osborne said in a speech to the Federation of Small Businesses. "Of course rewards for failure are unacceptable -- and those who believe in the free market are the first to say so. But a strong, free market economy must be built on rewards for success." The Labour Party has heaped pressure on the ruling coalition to curb excessive pay for top executives, using a House of Commons debate to demand the return ...
Japanese Prime Minister Yoshihiko Noda said on Tuesday he is resolved to settle a longstanding territorial dispute with Russia at an annual rally calling for the return of all four Russian-held islands off Hokkaido in northern Japan, the Kyodo news agency reported. "We'll continue to make steady and determined efforts to move ahead with negotiations," Noda said, stressing the need to sign a peace treaty with Russia. The four islands - which Russia calls the Southern Kurils and Japan calls the Northern Territories - has been the subject of a territorial dispute between the two nations since the end of World War ...
Amanda Knox's Italian lawyer has filed an appeal of her slander conviction in Italy, a Knox family spokesman inSeattle said Monday. In October, an Italian appeals court overturned the young Seattle woman's murder conviction in the 2007 death of her British roommate in Perugia. But the same court upheld Knox's conviction for slander — for falsely accusing bar owner Diya "Patrick" Lumumba of involvement in the slaying. Lumumba was freed after two weeks in prison for lack of evidence. Knox later said she was "manipulated" during her lengthy police interrogation. An appeal of the slander conviction was filed Monday, Knox family spokesman Dave Marriott confirmed. He doesn't know when the Italian ...
The Dutch railway will remain 'vulnerable' during wintry weather but Dutch Rail (NS) and track operator ProRail did not help matters during the current cold snap by the late introduction of schedule adjustments to cope with the conditions, transport minister Melanie Schultz van Haegen told parliament in a briefing on Tuesday. The NS and ProRail assumed on Thursday of last week that there would be three to five centimetres of snow. When the forecast was increased on Friday morning to between 10 and 15 centimetres, it was too late to change the timetables automatically, Schultz van Haegen told parliament. Drivers and conductors ...
Greece can leave the eurozone without damaging monetary union, European digital affairs commissioner Neelie Kroes says in an interview with the Volkskrant on Tuesday. Kroes, a member of the Dutch ruling right-wing Liberal party VVD, is not a supporter of Greece exchanging the euro for the drachma, but says: 'It is absolutely not a case of man overboard if someone leaves the eurozone.' The commissioner is very critical of the new Greek government and says they are not fulfilling their promises. 'Too few spending cuts, too little restructuring,' she says. She says the Greeks should follow the example of Italy where the new ...
Mitt Romney hopes his presidential campaign hasn't ignored Rick Santorum's aggressive attacks for too long, as caucuses in Colorado and Minnesota on Tuesday could reshuffle the race for the Republican presidential nomination. Santorum largely bypassed Florida and Nevada to blanket the two caucus states with criticism of Romney and lay the groundwork among conservatives who have great sway in the process. RivalNewt Gingrich praised Santorum's strategy as shrewd even as he signaled he had no interest in exiting the four-way race, which also includes Ron Paul. "I think that Santorum's going to have a pretty good day," Gingrich told reporters on the eve of the caucuses. "He targeted differently than I ...
Glencore and Xstrata agreed an all-share merger worth $90 billion (56 billion pounds) on Tuesday in the industry's largest ever deal, creating a commodities powerhouse spanning mining, agriculture and trading. Glencore, the world's largest diversified commodities tradinghouse, will issue 2.8 new shares for each Xstrata share in a deal they said was a "merger of equals." The ratio is a 15.2 percent premium to Xstrata shareholders compared with its share price last Wednesday before word leaked out about the merger talks, a joint statement said. "A merger between Glencore and Xstrata offers a unique opportunity to create a new business model in our industry to respond to ...
US White House hopeful Mitt Romney aims for another big caucus win in Colorado on Tuesday, as his well-oiled campaign machine works to cement his position as the Republican front runner in the US presidential race. Polls suggest he should triumph easily in the western US state -- where he scored 60 percent in 2008 -- although there is a tighter race in Minnesota, where last-placed Rick Santorum is hoping to snatch a win. Romney's main rival, former House speaker Newt Gingrich, is battling to stay in the race after two heavy losses in a row to the former Massachusetts governor, who ...
As President Christian Wulff remains mired in allegations of impropriety, anti-corruption group Transparency International (TI) has called for politicians to use the case as a chance to open up German politics. “We are very concerned that people seem to be starting to think that all politicians behave like Wulff, and that would be fatal,” Christian Humborg, TI Germany’s managing director told The Local. “I think the Wulff affair is a wonderful opportunity for German politicians to react to the cynical attitude that this is normal, and improve things,” he said. He said the fact that the authorities were investigating whether Wulff and his ...
The World Bank warned Wednesday of a possible slump in global economic growth and urged developing countries to prepare for shocks that could be more severe than the 2008 crisis. The bank cut its growth forecast for developing countries this year to 5.4 percent from 6.2 percent and for developed countries to 1.4 percent from 2.7 percent. For the 17 countries that use the euro currency, it forecast a contraction, cutting their growth outlook... [more]
World number one Caroline Wozniacki was forced to hit back from a second-set deficit to see off Georgian Anna Tatishvili 6-1 7-6 (7/4). Wozniacki, still seeking her first grand slam crown, cruised through the opener only for Tatishvili to storm into a 4-1 lead in the second. She fought her way back level, though, taking it to a tie-break which she won to advance to a meeting with Pauline Parmentier or Monica Niculescu. Share this: ... [more]
The Ministry of Security and Justice is pleased that the German Public Prosecution Office has moved to arrest war criminal Klaas Carel Faber. The PPO issued a request for the arrest of the 89-year-old former Nazi SS officer last week to a court in the southern German city of Ingolstadt. A spokesperson for the Dutch Justice Ministry called the development a breakthrough. “We are watching with interest what the German court decides” a... [more]
Spend some time in restaurants in France and you may notice a curious thing. French children are unlikely to be squealing about what’s on their plate or struggling to get out of their chairs. Indeed, they seem strangely happy to sit calmly at the table and even eat their greens while their parents enjoy a relaxed lunch. What causes this cultural peculiarity? Matthew Warren spoke to the author of a new book that may have the answers. Paris-based... [more]
President Nicolas Sarkozy is gathering union and business leaders together on Wednesday for a crisis summit on the country’s unemployment situation. Recent figures showed unemployment at a 12-year-high and close to the 10 percent mark. The government’s main measure of unemployment now stands at 2.85 million people. A broader measure, which includes part-time job seekers, puts the total at over 4 million. The government has already... [more]
Three days after winning a Golden Globe for his performance in silent film The Artist, Jean Dujardin has been named Man of the Year by French GQ magazine. The magazine will give its annual awards in a ceremony at Paris’ Ritz hotel on Wednesday evening. “Jean Dujardin is an actor who makes bold choices,” said the magazine. Other winners of the awards include controversial left-wing politicians Arnaud Montebourg who is named... [more]
The Social Democrats remain opposed to having Sweden join the eurozone stability pact, while the Centre Party said on Wednesday it supported the deal “with conditions”. “We said no in December to the negotiated proposal because we believed it represented a backdoor to joining the eurozone. When we studied the document, it confirmed our impression. This isn’t a solution to Europe’s problems,” Social Democrat... [more]
China said Tuesday it believes Europe can overcome its economic difficulties, after Standard & Poor’s cut the sovereign debt ratings of nine eurozone countries and the region’s bailout fund. The wave of downgrades, including that of France’s triple-A status, underscored European leaders’ inability to come up with a solid plan to tackle their two-year-old debt crisis. Beijing’s comments come as official... [more]
Greece goes head to head with its creditors on Wednesday in a renewed attempt to break a deadlock in negotiations to slash the country’s debt and stave off default. International private sector creditors represented by the Institute of International Finance (IIF) were set to meet the government in the afternoon. Talks broke down on Friday over the interest rate Greece will offer on new bonds and a plan to enforce investor losses. Ratcheting... [more]
The Netherlands’ two biggest mortgage providers have come up with their own plans to phase out mortgage tax relief, the Financieele Dagblad reports on Tuesday, quoting banking sources. The paper says both ING and Rabobank have drawn up their own plans to gradually cut back on the tax break and handed them over to the banking association NVB. NVB chairman Boele Staal said on Monday the organisation wants to talk about ‘necessary reforms’... [more]
